SPQS News Yesterday was not picked up because it was released through OTC Disclosure and news Service
SPQS divests Planet Eco Products
Oct 01, 2012
OTC Disclosure & News Service
Orlando, FL -
SPQS divests Planet Eco Products
Orlando, FL Oct. 1, 2012 (OTC MARKETS NEWSWIRE) -- SportsQuest, Inc. (SPQS), a publicly-traded holding company, disclosed today the divestment of Planet Eco Product as of September 29th, 2012.
SportsQuest, Inc (SPQS) identified the non-core Planet Eco Products in June 2012. The entity was non performing and the largest hurdle in current debt on the balance sheet. The company started negotiating with the primary debt holder to divest Planet Eco so SPQS could focus on its primary subsidiary Zabo Foods. Both entities operated under a Memorandum of Understanding restricting the release of public disclosure until execution of the Divestiture Agreement.
The subsidiary divested had a minority ownership in company that had yet to yield profits and whose assets had significantly declined in the last few years.
SPQS was able to remove $1,549,874.00 in current liabilities.
SPQS will now focus on its primary subsidiary Zabo Foods which had shown incredible potential in 2011 but was crippled with the need for financing and significant current debt held by SPQS. Zabo Foods has three main staples of products, Zabo chips, sauces, and distribution of Stevia.
Commenting on the divestment, CEO of SPQS Jeffery Burns said: “We identified our problems in June and have worked as fast as possible to right the ship. I personally surrendered 1,800,000,000 shares to facilitate the transaction and provide the best solution for our shareholders. I am committed to SPQS and believe we are a lot better off than we were four months ago. This divestment is an example of our commitment to focus on realizing value to our shareholders. We are now in a better position to go full speed ahead with Zabo Foods.”
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